Shareholder ReturnsYum China Holdings upsizes its 2024-26 shareholder return program from US$3bn to US$4.5bn, implying an annual shareholder yield of approximately 8%.
Store ExpansionStore expansion is expected to be fast, with forecasts of around 500 new stores opening, supporting growth.
ValuationThe stock is trading at a lower P/E ratio compared to its 5-year average, making it attractive.